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20170 : Real Estate Advice

  • All27
  • Local Info2
  • Home Buying13
  • Home Selling1
  • Market Conditions0

Activity 24
Fri Sep 22, 2017
Chris Russell asked:
Wed May 11, 2016
Nova7961 answered:
Just a little more info about this question: The house in question is a short sale. The Seller accepted my offer and we had both signed the contract, but had not filled in the date of ratification yet. Just before it was ratified, the listing agent said they had another offer. My agent sent over an escalation clause saying that we would beat any other offers by a certain amount up to our cap. The listing agent would have to verify that it was a legitimate offer by giving us the details of the other offer (amount, agent's name, etc.). A few days later we received the signed contract back with all pages signed and initialed -- including the escalation clause, which was left blank -- and the ratification box filled in. It was official! And the price listed was still our initial offer. Now the listing agent wants my agent to change the price on the contract to $11,000 more (which is still lower than our cap). Can he do this?! (We understand that the bank still has to approve our offer, so it's not necessarily a done deal 'til then.) We feel the contract has been ratified at the price we agreed on initially and that he cannot change the price now, since he left the escalation clause blank. (I know... We should seek a real estate attorney's advice...) ... more
0 votes 1 answer Share Flag
Thu Apr 7, 2016
Jennifer_thompson4 asked:
Wed Aug 19, 2015
shaun woodson asked:
Sun Apr 27, 2014
Janice Lupia answered:
Please be in touch if you need assistance in listing your house. I am in the local area and can help you with that. The only property that I saw listed on Cheviot that is active and available is 12031. Please let me know if I can help.

Janice Lupia
Keller Williams Realty
janicelupia@verizon.net
703-727-9791
... more
0 votes 2 answers Share Flag
Wed Jan 22, 2014
Casey Menish answered:
Hello Saran! Unfortunately in our current market, that isn't really something that exists in Herndon. One way I like to explain the real estate market to a buyer is that you can choose two of the following three options:
- Location
- Price
- Type of Home
Decide which two factors are the most important to you, and the market determines the third.

In which area do you have the most flexibility? Location, price, or type and size of home? I would be happy to set you up with a search on my real estate team's website called Live Loudoun - it is the most up-to-date home search in the region with properties updated every hour. Here is a link: http://casey.liveloudoun.com

Also, I just noticed that you asked this question back in July :) I hope for your sake that you are in your dream home by now! But if you are still looking, reach out as I am happy to help! Thanks, and Go Hornets!

- Casey Menish, Realtor
casey@e4realty.com
(571) 426-8567
... more
0 votes 12 answers Share Flag
Wed Jan 22, 2014
Casey Menish answered:
Hello! I have lived in Herndon, Virginia since 1994 and absolutely love the area. I went to Armstrong Elementary School, Herndon Middle School, and Herndon High School - Go Hornets!!


I don't know where your children currently attend school, but if you'd like I would be happy to set you up with a search for homes in Herndon within the school boundaries. Here's my personal website where you can find homes in Herndon: http://casey.liveloudoun.com/results/?state=va&city=6578~6793&maxprice=475000&minprice=400000&proptype=VT%2CC

Also, I'm assuming that you're talking about the Ryan Homes townhome/condo community in Herndon, is that correct? Have you talked to the builder at all yet or is this all very preliminary?

My best advice at this point would be to speak directly with a lender and/or a CPA. I work with a great lender that would be happy to talk you through the process and advise you about your options. http://casey.liveloudoun.com/finance/

I wish you the best of luck, and please contact me if I can help you in any way!

- Casey Menish, Realtor
casey@e4realty.com
(571) 426-8567
... more
0 votes 6 answers Share Flag
Sun Jan 19, 2014
TC Cooksley answered:
Hello Shannon,
You're purchasing a VA Foreclosure and have hit a hitch. There are many reasons this can happen even on a cash transaction. Basically, are you using a Title Company or an Attorney for your side of the Transaction? If you don't have an attorney on your side, you may wish to consult with one. It can make the difference between success and not.
For a cash transaction on a foreclosure to hit a snag there is most likely a title issue. As inconvenient as the delay may be ... in the long run its in your best interest to be hesitant.
... more
0 votes 2 answers Share Flag
Wed May 2, 2012
Jeanne Little answered:
Hi Kevin,
I can set up a search to come to your inbox. Send me the details of your search and it will be in your inbox every morning once you sign in.

Feel free to contact me of you have additional questions.

Regards,
Jeanne Little
... more
0 votes 5 answers Share Flag
Wed Mar 7, 2012
Nico Hohman answered:
Manfredo,

Make sure that the remodeling contractor you will be working with will be able to accept many different kinds of payment as well.
0 votes 3 answers Share Flag
Mon Nov 28, 2011
Erik Weisskopf,ABR,CDPE, answered:
My colleagues below have sufficiently answered your question..however one thing was not addressed. Your agent is also the agent for the seller..Have you signed a dual agency addendum or are they actually ONLY representing the seller.

Always surprises me when a purchaser will use the sellers agent. If you were getting a divorce..would you use the same attorney as your spouse? My advice would be to ask specifics from the listing agent and see that the proper steps are being taken. My guess is you have no worries other than perhaps a lack of complete representation.

Best of luck!
... more
0 votes 8 answers Share Flag
Tue Feb 8, 2011
Sonal Goda answered:
Hi Samy - yes. I can help you with this. Please contact me from my Trulia profile.

Thank You,
Sonal
0 votes 7 answers Share Flag
Tue Dec 21, 2010
Mbrown answered:
Bought Winchester Homes in Poplar Run, Silver Spring, MD. Bought in 2014 and many problems still have not been repaired.

I agree with the person who bought in Brambleton, VA in December 2015 (see below). Poor workmanship and worse follow through on repairs. DO NOT buy a Winchester Homes. Period! ... more
0 votes 8 answers Share Flag
Tue Sep 14, 2010
Freddy Solis answered:
In Northern Virginia the inspection addendum clearly indicates the number of days you have to perform the home inspection and the number of days the seller has to respond once the request to fix or repair any problems found during the inspection is delivered to the seller. In the same way you would have a number of days to respond to seller if their answer is YES or NO to your repair request.
Any time after the days required to respond has expired by either party you can decide to walk away or continue with the purchase of the property.
It is clearly explained on the Home Inspection and Radon Testing Addendum

Freddy Solis
703-943-7844
http://WWW.FreddySolis.com
Capital Region
Realestate.com Realtors®
... more
0 votes 9 answers Share Flag
Wed Jun 30, 2010
Jeanne Little answered:
Exclusivelyellis,

I live in Zip 20170. Are you working with a realtor? To Answer your questions:
1.Options-To sign price increase, bank makes repairs and go to closing. (Note:Price seems low for area so appraisal should be adequate.) What kind of property is it?-TH, Condo, SF?
2.Enforce $65K-Only if you want the property As-Is. Your lender however my require repairs to be done before possession. Contract would become void due to inability to get loan w/o repairs being done.
3.What can bank do: Reject your offer, Re-list the property to find another buyer.

For one-on-one assistance, call my cell (703)973-7742 or email at Jeanne.Little@Century21.com
... more
0 votes 3 answers Share Flag
Wed Feb 3, 2010
Kathy Weber answered:
With our last 3 transactions with BofA, (bank owned), it's ranged from 3 weeks - 7 weeks.

Amazingly, they want an "immediate" response once their end it done!
1 vote 2 answers Share Flag
Mon Sep 28, 2009
CCC answered:
Hi, there is nothing "shady". If you were buying a Foreclosure/REO you will sign it too. Just think about it. You are short selling, the bank is behind all your goods and then, the unexpected happen. Something breakes at the house you sold and the buyer is behin you too. That is a sellers protection but required.
I have to say that I do not know how it works in Virginia but here in Minnesota, inspections are done after short sale approval. This way, there is almost no money wasted but time and gas.
Is inspection required before short sale approval in your state?
There is nothing that the property will be the same once the short sale approval recieved.

Buy!
... more
0 votes 3 answers Share Flag
Mon Sep 28, 2009
Guy Gimenez answered:
Can depend on a number of factors. Mortgage brokers typically earn their money from two areas of a loan transaction...loan origination fees and yield spread premiums. The loan origination fee can be almost any amount, but it in my state it is typically one percent of the loan amount. The yield spread premium is a "rebate" of sorts that the investor (actually lender) gives the mortgage broker for bringing the them the loan. The YSP will be based on the rate you're quoted. The lower the rate, the less the mortgage broker makes on the back side of the transaction. The can even quote it at "par" which means the mortgage broker makes nothing on the back side and only makes the loan origination fee. In this case, you get a good rate but would have to pay a higher loan origination fee so the mortgage broker can make at least 2% of the loan amount and can therefore stay in business.

VA loans also mandate the purchaser pay a Funding fee which increases each time the veteran uses a VA loan on a purchase. Make sure you're not confusing this fee with the L.O. fee.
... more
0 votes 2 answers Share Flag
Tue Aug 18, 2009
Russell Mahrt answered:
Hi Manfredo,

When you buy your house you will get only one loan - either the 203(b) or the 203(k). The standard FHA 203(b) loan is for a house that is in fine living condition. The 203(k) is used to purchase a home that you plan to rehabilitate and the construction costs are built into the loan. This loan will be structured as a 30 year mortgage so you won't need an additional mortgage. The 203(k) is great, but the interest rate will be a little higher than the standard 203(b).

It seems like you are planning to rehab the home and the 203(k) is a nice options. A 203(k) specialist will be able to walk you through the process. Even through my mortgage company can't do a loan in VA, I'd be happy to speak with you to help guide you through the process - (610) 660-4710. Good luck.
... more
1 vote 2 answers Share Flag
Mon Aug 17, 2009
Abe Mills answered:
Manfredo,
Yes you can a verbal contract is un-enforceable. If you were to go test drive a car, you do not own it until you sign those papers!

Good Luck!
0 votes 2 answers Share Flag
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